Al Seer Marine seeks to conclude future contracts worth AED 36.7 bn
Abu Dhabi’s Al Seer Marine Supplies and Equipment Co., a subsidiary of International Holding Company (IHC), has entered a joint venture with two global companies to build marine vessels eyeing potential contracts of more than 36.7 billion dirhams ($10 billion) over 10 years.
Al Seer Marine will partner with DTEC, a Singapore-based maritime solutions company, and DTC Industries Investments, a marine environment technologies company to sell, build and maintain marine vessels across the globe, it said in a regulatory filing on the Abu Dhabi Securities Exchange (ADX) on Monday.
Guy Neivens, CEO of Al Seer Marine, said maritime trade is around 80% of global trade by volume. “The global marine vessel market is projected to grow from $170.75 billion in 2021 to $188.57 billion in 2028 at a CAGR of 1.43% in the forecast period.”
The company made a net profit of 882.9 million dirhams for the second quarter of the year, up from 411.3 million dirhams a year ago.